Mortgage Questions & Answers - 360Lending

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Mortgage Questions & Answers

Check out our section of Frequently Asked Questions below, and please feel free to contact our office if you have questions that are not listed on here.

A home equity loan is a type of loan in which the borrower uses the equity of his or her home as collateral. The loan amount is based on the available equity calculated by the value of the property minus any existing liens and mortgages. The borrower usually makes a fixed monthly payment for the duration of the term.

A second mortgage is a mortgage that's taken out on a property that already has a mortgage in the first position. A second mortgage is technically the same as a home equity loan.

The best way to get a home equity loan is via a trusted mortgage brokerage, where the broker will qualify the borrower with the most competitive lenders on the market.

To qualify for a home equity loan, lenders will need to determine the value of the property and the balance of any existing liens and mortgages. The most comeptitive offers often require additional supporting documents to verify the borrower's income and credit history.

Yes, lenders will consider other factors such as the strength of the property, amount of equity available, and most importantly the client's story.

Yes, home equity loans are often used to pay off existing consumer proposals.

Home equity loan interest rate is always determined on a case by case basis based on the condition and location of the property, amount of equity available, and the strength of the borrower. It is almost always lower than personal loans and/or credit cards.

We will match our client's pace. Generally speaking, once the paperwork is completed, funding will take place within 5 to 8 business days. For more urgent situations, such as stopping Power of Sale, we have closed deals in as quickly as 4 days.

Spousal consent is always required unless the property has never been a matrimonial home. All parties on title must consent to the transaction.

Debt consolidation works by combining high-interest credit card into one loan with a lower interest. The primary goal is to reduce the monthly interest payment so the borrower can get out of debt permanently with the increased cash flow.

How to Get Started

  1. Call us or apply online

    Talk to one of our friendly advisors to help us understand your situation and your goals.

  2. Follow our process

    Follow our simple yet effective process to qualify for the best offers.

  3. Receive your funds

    Once you sign your paperwork, the funds will be released usually within 5-8 business days.

We Create Mortgage Options

  • Home Equity Loan

    • fixed low payments
    • rebuild credit
    • competitive rates
    • simple qualifications
  • Home Equity Line of Credit

    • open payment
    • no maturity date
    • no annual fees
    • moderate qualifications
  • Banks

    • long term savings
    • branch services
    • bundled products
    • strict qualifications
  • Credit Unions & Trusts

    • long term savings
    • self-employed
    • bruised credit
    • moderate qualifications
  • Reduce Payments

    Reduce your interest payments by up to 50%

  • Custom Payment Plans

    Partial or zero payment for up to 12 months

  • Flexible Terms

    From 6 months, 1 year, or up to 5 years

  • Rebuild Credit

    Boost your credit score within 90 days

  • Cash Out

    Get cash in hand to accomplish your life goals

  • Remove Collateral Mortgage

    Access the equity locked by your bank

  • Improve Borrower Profile

    Qualify for better products in the future

  • Consolidate Mortgages

    Consolidate all mortgages and credit cards to save

  • Change Product

    Choose a mortgage product that suits you